Money Foreign currency exchange business forced to pay back $1.3m to workers

04:30  03 august  2018
04:30  03 august  2018 Source:

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Foreign currency exchange business UAE Exchange Australia has been forced to back pay hundreds of workers more than $1.3 million after unauthorised deductions were made from their pay.

A foreign currency exchange service will back-pay workers $1.3 million.© Chris Ratcliffe A foreign currency exchange service will back-pay workers $1.3 million.

The agreement was made after the Fair Work Ombudsman investigated complaints of underpayment over a seven-year period.

UAE Exchange, which has global headquarters in the United Arab Emirates and 30 branches in Australia providing international money transfer services, signed an enforceable undertaking with the ombudsman requiring it to give backpay totalling $1,335,664 to 243 workers.

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The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies .

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The ombudsman found workers were underpaid wages or required to have their pay deducted between 2010 and 2017. The Fair Work Act prohibits unauthorised deductions from pay.

A UAE spokesman said the company had taken the required steps to ensure the problems weren't repeated.

"We have proactively remedied the majority of the contraventions and are in the process of complying with our obligations under the enforceable undertaking with the FWO," the spokesman said. "We are grateful to the FWO for their support and guidance in addressing these contraventions."

A Queensland branch employee on a student visa first raised underpayment concerns in late 2015 followed by two other workers from Adelaide. The ombudsman then launched an investigation.

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You can exchange currencies and send money to businesses or individuals around the world with I reside in the US and have almost $ 1 M Aussie dollars to transfer back to the US following the sale of There is also an option for using a foreign exchange broker to directly exchange money and pay the

With all the modern technology that we have, I am astonished that financial institutions charge such exorbitant prices for currency conversions.

It found three workers from India were paid flat rates that led to underpayment or non-payment of minimum rates for ordinary hours, casual loadings and penalty rates.

The Queensland worker received flat hourly rates of between $15.38 and $20.42 between 2011 and 2015. The worker was entitled to hourly base rates including casual loadings of up to $23.74, up to $37.98 for Sunday hours and $52.22 on public holidays under the relevant award, the General Retail Industry Award 2010.

The ombudsman said the company had back-paid the three workers $100,253 in total, with individual payments ranging from $21,319, to $52,269 for the Queensland worker. An external audit for the period January 2011 to June 2017 found 240 workers were owed a combined $1,235,411.

Fair Work Ombudsman Sandra Parker said enforceable undertakings ensured past and present workers received back-payments quicker than if court action were required.

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5.2 Contribution of SBL in Foreign Exchange Business to National Economy. The central bank has permitted a number of money changers to exchange cash foreign currency notes, coins or Under back to back concept the seller as a beneficiary of the first credit offers it as security to the advising

"Under the enforceable undertaking, UAE Exchange is required to make major improvements to its workplace practices, with current and future workers to benefit. This action serves as a warning to global businesses that if you don’t get your workplace compliance in order, you can be left with a massive back-payment bill," Ms Parker said.

The Finance Sector Union recently launched a test case over minimum pay rates for UAE workers, challenging the ombudsman's advice they should be covered by the lower-paying retail award.

The FSU has filed Federal Court action against UAE alleging it shifted its tellers and managers from the banking award to the retail award last year to take advantage of cuts to penalty rates. The case will help determine the extent to which the retail award applies to currency exchange businesses that serve the public and are connected to businesses in the banking or finance industry.

The FWO provides advice on its website that says the banking award covers businesses that provide currency exchange to, or on behalf of, businesses in the banking, finance and insurance industry, rather than to the public. The retail award "covers a foreign currency exchange business that provides services to members of the public on a retail basis".

The FWO issued the advice following its investigations into UAE.

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